(Yicai Global) June 17 -- China's central bank set the yuan’s central parity rate against the US dollar at 7.0873 this morning, weakening the redback by 118 basis points from yesterday.

The China Foreign Exchange Trade System, the interbank trading and foreign exchange division under China's central bank, fixes the benchmark parity rate on the morning of each business day. Spot rates may deviate 2 percent above or below the figure during that day.

Editor: Emmi Laine